The invention relates to a computer database system and method using a database in a computer database system for collecting and processing information from data providers of real estate property and loan performance information and providing reports concerning the information in response to queries, and in particular to collecting and reporting the property and loan performance information over a computer driven network.
Based on numerous public and private studies, it is widely agreed that the real estate data market lacks a consistent, standardized, and timely centralized source of property and loan performance information, especially with respect to the multifamily housing industry. Consequently, the economic cycles affecting real estate are more severe than they would be otherwise, costing the nation billions of dollars in lost revenues, productivity, and affordable housing stock.
Many of the industry""s larger owners, managers, financial institutions, and rating and research organizations have long felt the need to standardize and share their confidential and proprietary performance data under an agreed set of xe2x80x98confidentiality principalsxe2x80x99. However, no such agreement has existed to govern the way in which data is collected, secured, and in particular processed into statistical reports that can be made publicly available. A main concern with respect to such an agreement has involved outlining a reporting process that does not reveal the confidential aspects of the underlying assets and related properties.
Data of the type needed for building a database of real estate property and loan performance information has typically been maintained by an independent research company or organization. Such a company or organization maintains the confidentiality of the data by checking each report request and following strict guidelines governing the confidentiality of the data. However, data providers are concerned that the same measures of confidentiality cannot be maintained when the report queries are processed automatically and responses forwarded electronically over a computer driven network, such as the Internet.
Accordingly, despite the availability of the Internet and database servers, in general, the real estate data market is still under served by this technology. The primary reason for this is the reluctance of the asset managers and property owners, who have the proprietary data needed for building an adequate database, to come forward and provide the data. The reluctance is due to their concern for maintaining the confidentiality of the data. That is, if confidential data of assets is entered into a database that is available for searching over the Internet, then the risk for the data provider is that the data may be made available to the public, at great harm to the individual data provider.
It is an object of the invention to collect, store and provide reports on real estate property and loan performance information provided by data providers from the real estate industry, especially the multifamily real estate industry, using a computer database and a computer driven network, such as the Internet.
It is an object of the invention to establish a computer database into which data of real estate assets, including detailed information identifying the property and its usage, as well as loan information and financial performance information is entered into the database by data providers in a standardized format over a computer driven network.
Further, it is an object of the invention to generate reports from the information stored in the database, including pre-aggregated and user defined reports without the need for manual processing of the report requests that are forwarded to users over a computer driven network without compromising the confidentiality of the data of any of the underlying assets.